When you succeed, and are rewarded financially for your success, it has repercussions that, according to my research, affects future generations.

I’m not just talking about money. Sure, wealth can give your children and grandchildren a leg up, if that wealth is deployed towards noble things like higher education.

I’m talking about the non-money traits of self-made millionaires. Children watch everything their parents do. They watch them pursue a dream. They watch them strive to achieve goals. They see their daily habits, witness their behavior, are impacted by their thinking and their emotions.

Success is generational. It can impact multiple generations by virtue of the habits that get passed along from one generation to the next. And those habits have far more value that money.

What does it take to be successful at what you do?

Realizing a dream requires that you define that dream and then set specific goals that will enable you to realize that dream.

But what goals should you be pursuing? What action should you be taking?

The only way to know is to learn everything there is to know about the industry your dream falls into. This means you need to read and gain knowledge of that industry. Then you must find out what the successful people in that industry are doing.

This means you must seek out the leaders in your industry. Leaders in your industry understand the industry best and have all of the answers.

Once you find the leaders, the next step is to start asking them questions about what to do in order to succeed in the industry. Then document every one of their answers.

I do this via the binder system. Create a binder about your industry. In that binder will be all of the facts you’ve gathered about your industry and all of the answers to the questions you’ve asked of the industry leaders.

The binder should be separated by topic or category. As you gain knowledge you will be able to define the key topics within your industry and fill each topics with facts and answers. Your industry binder will become your bible for your industry. It will help you maintain and grow your knowledge base over time. Eventually you will become an expert in your industry, a leader.

As your expertise grows, so too will your value to others. They will gladly pay you for your value. In time, the value you provide will reward you financially. Success is a process.

In my Rich Habits Study, 6% if the rich gambled regularly on the lottery vs. 77% of the poor and 16% of the rich gambled on sports at least once a week vs. 52% of the poor.

Two separate studies published in the Journal of Gambling Studies in 2011 and 2012 found that the poor gambled more often often than the non-poor.

In a 2008 study published in the Journal of Behavioral Decision Making found that poor people play the lottery more often than the non-poor because lotteries leveled the playing field between the poor and the non-poor – the odds are of winning are the same.

Lotteries are a form of taxation on the poor. And this tax is increasing. In 2014, lotteries contributed $21.3 billion to state budgets, up from $18.2 billion in 2008, according to the Census Bureau.

According to my research, if you want to break free from poverty you must adopt certain specific good habits (Rich Habits) and eliminate certain specific bad habits (Poor Habits).

If you want to end your poverty, adopting the habits of wealthy, successful people is the key. You must walk in the footsteps of the wealthy if you want to become wealthy. Your behaviors, thinking, emotions and decision making must mimic those who are succeeding in life.

Success is a formula. It’s not a secret any more. Your habits dictate the financial circumstances of your life.

According to a study conducted by economists from the University of Padova, Italy, individuals who read for self-education earned 21% more, as adults, than those who did not.

In another study conducted by Daniel Belsky (Duke University), who studied 918 New Zealanders, he found that individuals who developed the reading to learn habit earned more income, had more assets and had better finances by age 38 then their peers.

In my five-year study on the daily habits of the rich:

• 86% of the rich loved reading vs. 26% of the poor.
• 63% of the rich listened to audio books during their commute to work vs. 5% of the poor.
• 85% of the rich read two or more self-improvement books every month vs. 15% of the poor.
• 88% of the rich read 30 minutes or more each day vs. 2% of the poor.

Parents who instill in their children the habit of daily educational reading set their children up to earn more during their lifetime. This habit, it turns out, follows them into their adult years.

A recent study by Brown University, in which nearly 50,000 families were surveyed, concluded that habits in children are unlikely to vary after age 9. Since most of those early years for kids are spent at home, the bulk of the habits children adopt, such as reading to learn, come primarily from their parents. As infants and toddlers, our brains are hard-wired by nature for “monkey see, monkey do” behavior.  As a result, children pick up the vast majority of their habits from their parents. Good or bad.

Are you a fast walker? Are you a slow walker? There’s a big difference.

There are many studies on individuals who walk fast vs. individuals who walk slow. These studies all seem to highlight the following characteristics of these diverse individuals:

FAST WALKER STRENGTHS

• Leaders (Rich Habit)
• Make Frequent Mistakes (Rich Habit if it = a learning experience)
• Value Time (Rich Habit)
• Confident (Rich Habit)
• Ambitious (Rich Habit)
• Risk Takers (Rich Habit if Calculated Risk)
• Decision Makers (Rich Habit)
• Strong Work Ethic (Rich Habit)

FAST WALKER WEAKNESSES

• Make Frequent Mistakes (Poor Habit if no learning experience)
• Too Many Toxic Relationships (Poor Habit)
• Spontaneous spenders (Poor Habit)
• Risk Takers (Poor Habit if Ignorant Risk)
• Say what’s on their mind (Poor Habit)
• Emotional (Poor Habit)
• Limited Willpower (Poor Habit)
• Impatient (Poor Habit)

SLOW WALKER STRENGTHS

• Strong Willpower (Rich Habit)
• Persistent (Rich Habit because success requires persistence)
• Gatherers of Knowledge (Rich Habit)
• Defer Gratification (Rich Habit)
• Pursue Dreams (Rich Habit)
• Goal-Driven (Rich Habit)
• Savers (Rich Habit)
• More Rich Relationships and Few Toxic Relationships (Rich Habits)
• Patient (Rich Habit)
• Make Few Mistakes (Rich Habit if mistake avoided is do to planning)

SLOW WALKER WEAKNESSES

• Risk Averse (Poor Habit)
• Miss Opportunities (Poor Habit driven by fear of action)
• Fearful (Poor Habit)
• Make Few Mistakes (Poor Habit if mistake avoided is do to fear of taking action)

The three most powerful Rich Habits Slow Walkers have over Fast Walkers are: Persistence, More Rich Relationships and Strong Willpower.

These three Rich Habits are fundamental to success. Without persistence, you will never succeed. Rich Relationships open doors and Toxic Relationships distract. And without strong willpower, you will never be able to change your habits.

So, in my view, Slow Walkers have the advantage in life, when it comes to success.

Are you a Fast Walker or a Slow Walker? How many of your friends and relationships are Fast Walkers or Slow Walkers? Just something to think about.